Gig Economy

Abstract

Gig economy is a free market system in which temporary positions are common and organisations contract with independent workers for short-term engagements Although the concept of the gig economy has been around for a long time, it has been under increasing scrutiny due to the increasing number of people who are able to access it through the Internet. Due to the technological advancements that have occurred in the past couple of years, it has become easier for people to access the gig economy. The concept of the gig economy was initially perceived as a side hustle. However, it has quickly become a trillion-dollar industry that has millions of participants. Due to the technological advancements that have occurred in the past couple of years, it has become easier for people to access the gig economy. In the modern digital world, it's becoming increasingly common for people to work remotely or from home. This trend accelerated during the 2020 COVID-19 pandemic. The gig economy can serve up to 90 million jobs in the non-farm sectors in India with a potential to add 1.25% to the GDP over the "long term". As India moves towards its stated goal of becoming a USD 5 trillion economy by 2025, the gig economy will be a major building block in bridging the income and unemployment gap.